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I think some people who deal with condo's for years would have an answer. I am not looking for an exact number, but some ball park approximation.
If you don't have an answer to the question posted - there is no need to take it personally and get offended and overcompensate by trying to prove your superiority.
No one is trying to prove their superiority. They are trying to tell you that what you are looking for doesn't exist. There is no factor for pricing based on relative size, pricing is based on whatever the seller or landlord thinks they can get for the unit. You can't use HOA fees as a proxy for rent or sales price, as there is no tie between them.
I'm not sure why it being a condo makes much difference. Even if floor plans are the same, there are still going to be other factors that make a difference, just like with houses. Some people like the idea of an extra bedroom and don't mind slightly smaller rooms over all to get that. Some people prefer that more of their square footage goes to living space or maybe having a larger master suite.
The fact is that there isn't truly an objective value for real estate, no matter what. It's what someone is willing to pay for that particular property at that given time. Someone I know is selling a house right now and for whatever reason, the seller really wanted it and offered a fair amount above the reasonable listing price. Yay for the seller but does that mean the house is worth more? Probably not, it was just good luck.
And if you were selling and happened to have the 2/2 instead of the 3/2 (or vice versa), then it would take good luck that a buyer who wanted that configuration was looking when you were selling. But I'm not sure one is inherently worth a specific amount more than the other. Real estate is an emotional purchase for most people, it's not cheese at the deli counter and isn't subject to a strict mathematical calculation to determine market value
I am trying to figure out how price of an apartment depends on its size and number of bedrooms.
Is it just based on the size? I think it is not and a 2000 sqf apartment should be valued less than two 1000 sqf apartments everything else being equal. But what would be the coefficient?
Let's say there are 3 apartments in the same building that are different size, but everything else is the same (floor, view, condition, views, etc).
The HOA fees are based on the size.
Apt #1: 2/2, 1000 sqf, HOA - 500
Apt #2: 2/2, 2000 sqf, HOA - 1000
Apt #3: 3/2, 2000 sqf, HOA - 1000
Apt #1 is selling for $100,000
Question:
Assuming the $100,000 selling price for Apt #1 is a fair price, what would be a fair selling price for apartments #2 and #3?
This is Miami area if that matters.
Thanks.
There is no magic formula for this. Ultimately, the worth of something is based on who will pay for it.
In my case, I rather have apt 2, because I find better use for large bedrooms than squeezing a third on in there. However, many people may find apt 3 better because they desire/need the room.
Things are initially based on square foot price for a reason, and goes from there.
However, since it is impossible in the real economic world to hold all other things the same, you will not get a definitive answer using a univariable model.
too many variables.
for a condo where i live there is more to consider than just sq ft size and number of bedrooms.
upgrades (such as new kitchen)
first or second floor
deck or not, and size of deck
proximity to water features (the fountains, the "lagoon")
proximity to pool
west facing exposure (not desirable due to summer heat where i live)
proximity to street (back of property is much quieter and more desirable than units near the main road)
near culde sac or road with traffic
near the gates or not (high traffic pedestrians in and out and metal gate banging shut)
near the big trees or not (that's why i selected my unit)
view or not (does it look out over the parking lot or the street or trees)
hardwood floors or not
and if renting, what the landlord is like.
the condo community where i am is about 50% rentals, 50% owner occupied.
Condos value has to do with location, location, location. And a quality building. Nothing to do with size. Believe me, I've been i n 1,000 condos., for various reasons, in three countries.
Certainly sqft impacts price more than # of bedrooms, but there is an optimal sqft, and anything over that impacts price but at a diminishing rate. Think of a bell shaped curve, sqft on the X axis, price/sqft on the Y axis, with the highest point being price per sqft of the optimally sized unit. Sqft below or above that point results in lower price/sqft.
Units 2 & 3 will sell for about the same price, higher in absolute $ than unit 1, but at a lower $/sqft (ceteris paribus)
too many variables.
for a condo where i live there is more to consider than just sq ft size and number of bedrooms.
upgrades (such as new kitchen)
first or second floor
deck or not, and size of deck
proximity to water features (the fountains, the "lagoon")
proximity to pool
west facing exposure (not desirable due to summer heat where i live)
proximity to street (back of property is much quieter and more desirable than units near the main road)
near culde sac or road with traffic
near the gates or not (high traffic pedestrians in and out and metal gate banging shut)
near the big trees or not (that's why i selected my unit)
view or not (does it look out over the parking lot or the street or trees)
hardwood floors or not
and if renting, what the landlord is like.
the condo community where i am is about 50% rentals, 50% owner occupied.
I agree that the OP's question is nearly impossible to answer but most of the things you listed above have nothing to do with the question that was asked. The OP said same views, floor... all things being equal which is practically impossible but we can try to get as equal as we can in an academic discussion and presume that they are all on the same floor, same proximity to the pool, same side of the building for view, street, lagoon, whatever and have the same floor materials, and so on.
Putting aside the physical, I would expect that demand would rule the day and since there is no "all things being equal" when dealing with the preferences of individuals, you can't really come up with a fair price for the other two units because it's likely that demand for them will be much higher than a studio and thus the price will reflect that.
As the # of bedrooms increases, each individual bedroom becomes a little cheaper.
In other words, it's a polar opposite of vessel pricing.
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